Beau Ciel's developer starts anew

Published: Wednesday, March 27, 2013 at 1:00 a.m.

Last Modified: Tuesday, March 26, 2013 at 8:26 p.m.

U.S. Assets Group, whose pre-recession developments included the luxury Founders Club on Fruitville Road and Beau Ciel condominiums in downtown Sarasota, is resuming development with a 55-home project near Venice.

Grand Oaks, with single-family homes priced from the high $200,000s, will be built on Venice Avenue, near Jacaranda Boulevard.

Tom Brown, a U.S. Assets principal, said Tuesday he believes the time is right to build homes at this price level.

"A lot of people in this market, whether they are retirees, empty nesters or those looking for vacation homes, have really been interested in purchasing in the high $200,000s and low $300,000s," he said. "There is not much available now."

South Sarasota County has attracted several new home developments that are capitalizing on the region's shrinking inventory of existing homes for sale. Neal Communities, for example, is building a 1,999-home community known as Grand Palm.

U.S. Assets, which Brown said has been waiting out the recession and its aftermath, purchased the 15-acre tract on which Grand Oaks will be built in 2011.

"It took us a while to assess the market, and the planning has taken well over a year," added principal Steve Brown, Tom Brown's son.

Grand Oaks homes will be ready for occupancy as early as December. Homes will be built by Heritage Builders, a U.S. Assets Group affiliate.

The two- or three-bedroom homes in the gated Grand Oaks will range from 1,800 square feet to nearly 2,000 square feet. Three floor plans are available.

The community will feature maintenance-free landscaping and lawn care, a heated swimming pool and a clubhouse. Interior kitchens will include upgraded appliances, custom wood cabinetry and granite countertops.

Michael Saunders & Co. has been named the exclusive brokerage to market and sell the homes. Two models and an inventory home will be ready by Sept. 1, Steve Brown said.

"We are exceptionally pleased to represent a developer with such a well-known legacy for delivering the highest quality new homes and condominiums," said brokerage founder Michael Saunders, in a statement.

"While these homes impart an aura of casual elegance and luxury, they are being offered at prices well below what you would expect," added Saunders, whose firm's sales volume topped $2 billion in 2012.

U.S. Assets began developing the Founders Club, a 262-home golf club community off Fruitville Road, in 2004. Obtaining regulatory approvals there required five years.

Sales stalled during the Great Recession and did not pick up until 2010, when luxury home builder London Bay Homes purchased the developer's home sites and took over the sales and marketing.

The company developed Beau Ciel, a 44-unit Sarasota bayfront condo, and Orchid Beach Club, 54 condo units on Lido Beach.

It shelved plans during the recession for a six-unit luxury condo project called Wicker Beach on Longboat Key, where units were to sell for $4.6 million.

<p>U.S. Assets Group, whose pre-recession developments included the luxury Founders Club on Fruitville Road and Beau Ciel condominiums in downtown Sarasota, is resuming development with a 55-home project near Venice.</p><p>Grand Oaks, with single-family homes priced from the high $200,000s, will be built on Venice Avenue, near Jacaranda Boulevard.</p><p>Tom Brown, a U.S. Assets principal, said Tuesday he believes the time is right to build homes at this price level.</p><p>"A lot of people in this market, whether they are retirees, empty nesters or those looking for vacation homes, have really been interested in purchasing in the high $200,000s and low $300,000s," he said. "There is not much available now."</p><p>South Sarasota County has attracted several new home developments that are capitalizing on the region's shrinking inventory of existing homes for sale. Neal Communities, for example, is building a 1,999-home community known as Grand Palm.</p><p>U.S. Assets, which Brown said has been waiting out the recession and its aftermath, purchased the 15-acre tract on which Grand Oaks will be built in 2011.</p><p>"It took us a while to assess the market, and the planning has taken well over a year," added principal Steve Brown, Tom Brown's son.</p><p>Grand Oaks homes will be ready for occupancy as early as December. Homes will be built by Heritage Builders, a U.S. Assets Group affiliate.</p><p>The two- or three-bedroom homes in the gated Grand Oaks will range from 1,800 square feet to nearly 2,000 square feet. Three floor plans are available.</p><p>The community will feature maintenance-free landscaping and lawn care, a heated swimming pool and a clubhouse. Interior kitchens will include upgraded appliances, custom wood cabinetry and granite countertops.</p><p>Michael Saunders & Co. has been named the exclusive brokerage to market and sell the homes. Two models and an inventory home will be ready by Sept. 1, Steve Brown said.</p><p>"We are exceptionally pleased to represent a developer with such a well-known legacy for delivering the highest quality new homes and condominiums," said brokerage founder Michael Saunders, in a statement.</p><p>"While these homes impart an aura of casual elegance and luxury, they are being offered at prices well below what you would expect," added Saunders, whose firm's sales volume topped $2 billion in 2012.</p><p>U.S. Assets began developing the Founders Club, a 262-home golf club community off Fruitville Road, in 2004. Obtaining regulatory approvals there required five years.</p><p>Sales stalled during the Great Recession and did not pick up until 2010, when luxury home builder London Bay Homes purchased the developer's home sites and took over the sales and marketing.</p><p>The company developed Beau Ciel, a 44-unit Sarasota bayfront condo, and Orchid Beach Club, 54 condo units on Lido Beach.</p><p>It shelved plans during the recession for a six-unit luxury condo project called Wicker Beach on Longboat Key, where units were to sell for $4.6 million.</p>